Star Metro - BULGOLD Defines the 2.2km-Long BL Vein Corridor at the Lutila Gold Project

While initial surface exposures of the corridor were documented as early as the 1600s, systematic field prospecting by the Company has now traced the subvertical BL Vein over a near-continuous 2.2-km north-south strike length. This vein structure represents a new target area within the North East Block situated between 1.1km east and 1.7km southeast of recent drill hole KPDD005, having seen minimal modern exploration and none in the last twenty years.

• Exploration target: underground, high-grade gold (Au) ± silver (Ag) quartz veins.

Quote from the President & CEO, Mr. Sean Hasson:

"Delineating the 2.2-kilometre-long BL Vein target significantly scales up the prospective footprint of the North East Block. While our primary 2026 campaign focused on defining the 500-metre-wide upflow zone at Kopernica, the BL Vein provides a substantial, parallel structural target with verified subsurface thickness and low-grade gold mineralisation in historic drilling.

Our technical review shows that at surface the trend is backed by good gold and silver values, diagnostic crustiform-colloform and lattice-bladed replacement textures, multi-stage hydrothermal breccias and strongly supported by arsenic-antimony pathfinder geochemical signatures. This indicates that the underlying boiling zone remains intact and untested by modern exploration methods."

2. Exploration History & Historic Drilling Footprint

Historical archives indicate that initial recognition of quartz veining within the Jastrabá Formation rhyolites occurred at the BL target during the 1600s. Subsequent small-scale open-pit operations and underground gallery development focused on the eastern slopes during the 19th and 20th centuries. Modern subsurface drill testing, however, remains restricted to limited campaigns.

The 1990s Programme

During the 1990s, 10 historic diamond drill holes totaling 1,984.3 metres were drilled along the eastern flank of the North East Block above the village of Bartošova Lehôtka. These holes were predominantly collared as horizontal drill holes into the hillside. Due to poor core recovery and historical data loss, no reliable multi-element or gold assay data are preserved. Legacy geological logs only confirm scattered occurrences of rhyolite-hosted quartz veins and hydrothermal brecciation.

The 2004-2006 Programme

In 2004, three diamond drill holes totaling 770.8 meters tested the subsurface continuity of the BL Vein directly beneath a major surface quartz vein float field.

Drill holes KG-BL-1 and KG-BL-2 were executed as scissor holes targeting the central section of the BL Vein trend. Partial assay records confirm broad zones of gold mineralization hosted within the rhyolite flow-dome complex and adjacent pyroclastic rocks. Hole KG-BL-3 was subsequently drilled deeper beneath the first two holes; the Company understands that the highest-grade interval in this deeper hole returned 0.45m @ 2.21 g/t Au (from 191.35m).

No further assay information is available for KG-BL-3 and historical records indicate that the exploration programme was curtailed immediately following the completion of this third hole. The Company is aware of an additional, small drill programme during 2006 which targeted the northern portion of the BL Vein trend; however, only very limited gold assay information is available and no material outcomes can be reported. Consequently, no modern exploration has taken place along the BL Vein trend since that time.

Drill hole information is shown in Table 1 and significant intercepts calculated using a 0.5g/t Au cut-off are presented in Table 2. Figure 1 (below) shows a mineralised section of the KG-BL-1 drill core. For additional information on historic exploration within the Lutila Gold Project please see the Company's press release dated: May 1, 2024.

Table 1. Historic drill hole information.

Table 2. Historic drill hole significant intercepts; 2m minimum composite length, 2m maximum internal dilution, 0.5g/t Au cut-off.

3. Surface Exploration & Geochemistry

Systematic surface prospecting across the 2.2km-long strike length of the BL Vein has successfully delineated a highly anomalous geochemical footprint. A combined dataset comprising 62 rock samples, collected through both recent BULGOLD field campaigns and historical programmes, has returned consistent results across the outcropping and subcropping structural corridor.

The entire 62-sample dataset yielded a robust property-wide multi-element average of 0.56g/t Au, 4.9g/t Ag, 364ppm As and 512ppm Sb.

To understand the grade distribution within this system, a higher-grade subset filter was applied (Table 3):

• Subset Averages: This core group averages 1.53g/t Au, 13.08g/t Ag, 325ppm As and 445ppm Sb.

These data confirm that coherent, higher-grade gold mineralization extends into the unmined footwall margins and peripheral alteration halo surrounding the legacy workings. Surface rock textures are dominated by polymict hydrothermal breccias and quartz vein float boulders displaying moderately developed crustiform-colloform banding and lattice-bladed silica replacement textures. The strong spatial correlation between elevated gold values and the robust volatile pathfinder anomaly (364 - 512 ppm As-Sb) conforms to the property-wide low-sulfidation epithermal vector model. This geochemical signature demonstrates that the current surface exposures of the BL Vein system represent the intact upper levels of a boiling upflow zone that has experienced a slightly deeper level of erosion compared to the more preserved, nearby Kopernica Vein System.

Table 3. The ≥0.40g/t Au subset of BULGOLD and historic surface rock chip samples.

4. Structural Architecture & Target Potential

Along its 2.2-km mapped strike length, the BL Vein trend is defined by extensive surface float trains of polymict hydrothermal breccia and/or epithermal quartz vein material. Outcropping hydrothermal breccias are also exposed near legacy exploration and mining features.

Field mapping reveals distinct spatial and structural trends:

• Lower Elevation Zones: These areas correlate with the highest density of historical workings, where selective legacy extraction has left only limited surface float boulder material.
• Northern Galleries: In the northern portion of the trend, historic underground galleries are clearly recognisable. Here, the Company sampled outcropping, low-grade footwall hydrothermal breccia, where a four-sample cluster showed good repeatability and averaged 0.41g/t Au, 3.45g/t Ag, 416ppm As, 94ppm Sb and 6.1ppm Tl.
• Potential Vein Width: The historically exploited mineralisation width within these legacy galleries is estimated to range between 3 and 5 metres.

While local variations in surface cover can mask the exact trace of the structure in isolated areas, the Company's structural synthesis confirms strong geological continuity and good exploration potential across the entire 2.2-km corridor.

In modern times, the 2.2-km-long BL Vein system has only been drill-tested along a single section line, leaving much of this major structural corridor completely open. Prior to this limited modern testing, the trend had seen only shallow historic exploration activity.

Initial drilling directly beneath the extensive surface quartz vein boulder field successfully defined a broad, 100-metre-wide structural zone characterized by brecciated rhyolite rock, chalcedonic quartz infill, low-grade gold and minor stibnite mineralization. This substantial thickness indicates that the BL Vein trend possesses good potential to host a discrete, independent hydrothermal upflow zone on the eastern flank of the North East Block.

Compared to the Kopernica Vein System, the BL Vein has experienced a slightly deeper level of erosion, meaning the boiling zone sits closer to the current topography.

Figure 2. (below) shows the spatial alignment of the BL Vein corridor in relation to the adjacent Kopernica Vein System. Table 4 (below) outlines the mapping and prospecting criteria used by the Company.

Table 4. Detailed field description of the BULGOLD mapping and prospecting framework covering the western and eastern slopes of the North East Block and the Kopernica Vein System.

5. Discussion

The Lutila Gold Project is located favourably between two of the largest gold-silver epithermal vein systems within the Central Slovak Volcanic Field, the Kremnica gold deposit and the Banska Štiavnica gold-silver ore field, which collectively, have produced significant amounts of precious metals over many centuries.

The Property is located 5km south, along strike and within the same volcanic depression that hosts the historic quartz-adularia Kremnica gold mine (current JORC (2012) mineral resource estimate of M&I: 36.9Mt @ 1.36g/t Au (1.6Moz Au) and Inf: 31.5Mt @ 1.07g/t Au (1.1Moz Au))¹

Finka (1995) estimates that historical gold production at Kremnica totalled 1.48 million ounces (Moz) using exclusively gravity recovery methods.

[1] This is not a mineral reserve or mineral resource that has been prepared in compliance with the requirements of National Instrument 43-101. The technical and scientific information disclosed from neighbouring properties does not necessarily apply to the Lutila Gold Project. The current JORC (2012) mineral resource estimate for the Kremnica gold mine consists of: Measured 24.6Mt @ 1.46g/t Au, Indicated 12.3Mt @ 1.15g/t Au and Inferred 31.5Mt @ 1.07g/t Au. Source: Metals Tech Limited, ASX Release, 8th May 2023 (https://wcsecure.weblink.com.au/pdf/MTC/02663482.pdf).

The Kremnica Vein II system which is located in the hanging wall position to the Kremnica gold deposit (and under the town of Kremnica) has similar dimensions to the currently defined Kopernica Vein System, being approximately 1,000 metres by 500 metres and consisted of more than 40 individual veins which were generally north-south striking and dipping to both the east and west. The highest gold values were recorded from within ore shoots and according to Bakoš et al (2017) from 1938 until mine closure in 1970, 18t @ 2.5% Au was mined. The vein system was discovered serendipitously during underground development and mining started at the end of the 18^th century.

According to Kodera (2005) the Banska Štiavnica ore field has produced 2.6Moz Au and 129Moz Ag from the early middle ages until the twentieth century.

The fact that low to intermediate sulfidation gold-silver epithermal vein systems are intimately associated with rhyolite volcanism during the period 12.4 - 11.2 Ma underpins the Company's exploration model (See Figure 3). For the location of the BL Vein in relation to the Kopernica Vein System see Figures 4, 5 & 6.

The surface exploration, mapping, prospecting and historical data synthesis results at the BL Vein System deliver two critical breakthroughs for BULGOLD:

• Camp-Scale Footprint: Field mapping and historical compilation confirm that the BL Vein runs parallel to the main Kopernica system just 1.1km to 1.7km to the west, proving the North East Block hosts multiple, closely spaced structural trends capable of hosting low-sulfidation epithermal upflow zones containing quartz-adularia veins.
• Subsurface Scale Established: Historic 2004 scissor drilling confirms a 100-meter-wide subsurface envelope of brecciated rhyolite hosting multiple, low-grade gold-bearing zones. As this remains the only drill tested section line across the 2.2-km-long trend, the confirmed upflow zone thickness demonstrates good exploration upside for additional mineralisation along strike with systematic drilling.

• Exploration licences can be held for a 10-year period (4+4+2).

References:

Bakoš F., Chovan M., Žitňan P. et al, 2017. Gold in Slovakia, Vydavatel'stvo LÚČ, Bratislava, 2017 (in Slovak and English).

Finka, O., 1995. Zlatá Kremnica: Tisícročná história baníctva, Neografia vydavateľstvo, Monografie 71 pages (in Slovak).

Kodera P., Lexa J., Rankin AH., Fallick AE., 2005. Epithermal gold veins in a caldera setting: Banská Hodruša, Slovakia. Mineralium Deposita. 39: 921-943

Kodera P., Lexa J., Fallick AE., Walle M., Biron A., 2014. Hydrothermal fluids in epithermal and porphyry Au deposits in the Central Slovakia Volcanic Field. Geological Society, London, Special Publications 2014, v.402; p177-206.

Konečný, V., Lexa, J., & Planderová, E., 1983. Stratigraphic division of Neogene volcanics in Central Slovakia. Západné Karpaty, Séria Geológia, 9, 1-203.

About BULGOLD Inc.

BULGOLD is a gold exploration company focused on the exploration and development of mineral exploration projects in Central and Eastern Europe. The Company controls 100% of three quality quartz-adularia epithermal gold projects located in the Bulgarian and Slovak portions of the Western Tethyan Belt: the Lutila Gold Project, the Kostilkovo Gold Project and the Kutel Gold Project. Management of the Company believes that its assets show potential for high-grade, good-metallurgy, low-sulfidation epithermal gold mineralisation.

On June 30, 2026, BULGOLD's issued and outstanding shares were 72,626,013 of which approximately 20.1% were held by Founders, Directors and Management. Additional information about the Company is available on BULGOLD's website (www.BULGOLD.com) and on SEDAR (www.sedarplus.ca).

Historic Sampling and Drilling Data and Information

The historical sampling and drilling data and information disclosed in this news release is related to historical exploration results. The reader is cautioned that the historical sampling and drilling data and information are based on prior data and reports previously prepared by third parties without the involvement of the Company. Information has been sourced from the Slovak Geological Survey in reports 83971 (December 1997) and 92416 (February 2013). BULGOLD has not undertaken any independent investigation of the historical sampling and drilling data and information, nor has it independently analysed the results of the historical sampling and drilling exploration work in order to verify the results. The reader is cautioned not to treat them, or any part of them, as current due to the fact that a qualified person has not done sufficient work to verify the results and that they may not form a reliable guide to future results. No independent quality assurance/quality control protocols are known for these historic samples and drill holes and therefore the analytical results, data and information may be unreliable. BULGOLD considers the historical sample and drill data and information to be relevant as BULGOLD is using this data and information, in conjunction with the sampling conducted by BULGOLD, as a guide to plan its exploration programme for the Lutila Gold Project. BULGOLD's current exploration work includes verification of the historical data and information through further exploration.

Sampling, Analysis and QAQC of Exploration Drill Core Samples

Most exploration diamond drill holes are collared with PQ size, continued with HQ, and are sometimes finished with NQ. Triple tube core barrels and short runs are used whenever possible to improve recovery. All drill core is cut lengthwise into two halves using a diamond saw; the right-hand half looking downhole is sampled for assaying and the other half is retained in core trays. The common length for sample intervals within mineralized zones is one metre. Weights of drill core samples range from three to eight kilograms ("kg"), depending on the size of core, rock type, and recovery. A numbered tag is placed into each sample bag, and the samples are grouped into batches for laboratory submissions.

Diamond drill core and rock samples are shipped to SGS Burgas, Bulgaria. Quality control samples, comprising certified reference materials, blanks and field duplicates, are inserted into each batch of samples and locations for crushed duplicates and pulp replicates are specified. All drill core and quality control samples are tabulated on sample submission forms that specify sample preparation procedures and codes for analytical methods. For internal quality control, the laboratory includes its own quality control samples comprising certified reference materials, blanks and pulp duplicates. All QAQC monitoring data are reviewed, verified and signed off by the Company. Chain of custody records are maintained from sample shipments to the laboratory until analyses are completed and remaining sample materials are returned to the Company. The chain of custody is transferred from the Company to SGS at the laboratory door.

At the SGS Burgas laboratory, the submitted core samples are dried at 105°C for a minimum of 12 hours and then jaw crushed to ~80% passing 2-6mm. Sample preparation duplicates are created by riffle splitting crushed samples on a 1-in-20 basis. Larger samples are riffle split prior to pulverizing, whereas smaller samples are pulverized entirely. Pulverizing specifications are 90% passing 75 microns. Gold analyses are done using a conventional 50-gram fire assay and AAS finish. Multi-element analyses for 49 elements are done using a four-acid digest and an ICPMS finish. Some older multi-element analyses have been carried out for 32 elements and are done using a four-acid digestion and an ICP-OES finish.

Qualified Person

The scientific and technical information in this news release was reviewed and approved by Mr Sean Hasson, a Qualified Person as defined by National Instrument 43-101 and President and Chief Executive Officer to the Company.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

This press release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws (collectively, "forward-looking statements"). These statements relate to future events or future performance and include statements relating to the exploration and drilling plans of the Company and the timing thereof; future drillhole lengths at the Kopernica Vein System and the anticipated cost savings; the exploration potential within the Kopernica Vein System; the potential for the Kopernica Vein System to possess conditions necessary for bonanza-grade gold veins; the gold window likely spanning a vertical range of 250-300 meters; the Company's decision not to drill additional holes within the Sinter Field in the short to medium term; the identification of the Kopernica Vein System establishing the Company as a leading candidate for growth and discovery; the Company's assessment of various strategies to advance the discovery process on the Lutila Gold Project; the Lutila Gold Project as prospective for quartz-adularia epithermal gold mineralisation; the Lutila Gold Project reflecting a continuation of the same volcanic depression that hosts the Kremnica gold mine; the Company's exploration model for the Lutila Gold Project; and the potential of the Lutila Gold Project to benefit the Company's stakeholders. All statements other than statements of historical fact may be forward‐looking statements or information. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward‐looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including the inherent uncertainty of mineral exploration; the risk that the Kopernica Vein System does not contain economic quantities of gold or silver; the risk that drilling results may not confirm surface sampling results or geological interpretations; risks related to the accuracy of the Company's geological model and assumptions regarding vein geometry and the vertical extent of mineralisation; the risk that future drilling may not intersect mineralisation or may intersect mineralisation at grades lower than anticipated; risks related to title to mineral properties; and changes in laws or regulations, including environmental laws and regulations; and credit, market, currency, operational, commodity, geopolitical, liquidity and funding risks generally, including changes in economic conditions, interest rates or tax rates and general market conditions. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this press release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this press release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements and information contained in this press release are expressly qualified by this cautionary statement.

For further information, please contact:

BULGOLD Inc.
Sean Hasson, President and Chief Executive Officer
Telephone: +359 887 560 545
Email: [email protected]
Website: www.BULGOLD.com

SOURCE: BULGOLD Inc.

View the original press release on ACCESS Newswire

A.Landry--SMC